| Today's Economy
Economic Roundup: U.S. Consumer Spending Limps Into 2021 A drop in December retail sales cuts into our tracking estimate of fourth-quarter GDP. Estimating Chile's True Recovery Base effects from the 2019 protests have distorted growth rates for domestic trade activity. Canada Weekly: Bricks or Clicks? Where are retail trade and e-commerce now, and where are they going? Peru Recovery Downshifts Economic growth in November was the slowest in seven months. » VIEW MORE TODAY'S ECONOMY
Commentary
COVID-19 Forecast Update: The Race Between U.S. Infections and Vaccinations Vaccine distribution logistics dictate the speed of resolving the pandemic and economic recovery. Latin America Weekly Highlights and Preview, January 15, 2021 Among countries with the most independent central banks, monetary conditions ended the year in expansionary territory. Europe Weekly Highlights and Preview, 15 January, 2021 We do not expect any changes in the policy stance of the ECB at its meeting Thursday. The Biden Fiscal Rescue Package: Light on the Horizon With this additional economic support, real GDP growth would be robust at nearly 8% this year and almost 4% next. » VIEW MORE COMMENTARY
Today's Economic Indicators
France
Consumer Price Index
Dec. 2020: 0.0%
France’s consumer price index was stable at 0% y/y in December and up 0.2% m/m. Spain
Consumer Price Index
Dec. 2020: -0.5%
Spain’s consumer price index declined by 0.5% on a year-ago basis in December, though this figure is 0.3% higher than the readings in the previous two months. United Kingdom
Monthly GDP
Nov. 2020: -2.6%
U.K. Euro Zone
External Trade
Nov. 2020: €25.8 bil
The euro zone’s nonseasonally adjusted trade surplus in goods widened to €25.8 billion in November from €20.2 billion a year earlier. Brazil
Retail Sales Index
Nov. 2020: 3.4%
Retail consumption moderated in November after steady advances in previous months. Peru
Monetary Policy
Jan. 2021: 0.25%
Peru's central bank left the policy rate unchanged at 0.25% in its first policy decision of 2021. Russian Federation
Foreign Trade
Nov. 2020: US$7.1 bil
Russia’s trade balance made some progress in November but remains in poor shape. United States
NY Empire State Manufacturing Survey
Jan. 2021: 3.5
New York's manufacturers remain guarded, according to the January Empire State Manufacturing Survey. United States
Producer Price Index
Dec. 2020: 0.3%
The U.S. producer price index increased 0.3% in December, weaker than either we or the consensus expected. United States
Retail Sales
Dec. 2020: -0.7%
Retail sales are struggling under the weight of increased infections and restrictions on activity and the high level of sales. Canada
New Motor Vehicle Sales
Nov. 2020: -9.9%
Total new-vehicle sales fell by 17.2% between October and November, contracting 9.9% from a year earlier. United States
Moody’s Analytics & CNN Business Back-to-Normal Index
January 13: 80.6
The Moody’s Analytics & CNN Business Back-to-Normal Index snapped back to pre-holiday levels this week. United States
Industrial Production
Dec. 2020: 1.6%
Manufacturing is one part of the economy that is doing well even as COVID-19 cases surge and states tighten restrictions to contain the spread of the virus. United States
Business Inventories (MTIS)
Nov. 2020: 0.5%
Business inventories increased in November. Peru
Unemployment
Dec. 2020: 13.0%
Employers in metropolitan Lima added 213,000 jobs in the October-to-December rolling period, pushing the jobless rate down 2.1 percentage points to 13%. World
Moody's Analytics Global GDP
2020Q3: 34.8%
There was a small downward revision to our estimate of third quarter GDP growth. India
Foreign Trade
Dec. 2020: -US$15.4 bil
India’s trade deficit soared to $15.4 billion in December from $9.9 billion in November. United States
University of Michigan Consumer Sentiment Survey
Jan. 2021: 79.2
U.S. consumer sentiment slipped 1.5 points in January after surprisingly rising 3.8 points in December. United States
Cox Automotive/Moody’s Analytics Vehicle Affordability Index
Dec. 2020: 32.2
New-vehicle affordability increased in December, the second consecutive month when vehicle affordability increased. » VIEW MORE ECONOMIC INDICATORS | 
